Co-op Bank Dividend 2020: The Co-operative Bank has become the first bank in Kenya to pay dividends to its shareholders before the Annual General Meeting.
Co-op Bank will pay its shareholders a total of Sh. 5.86 billion in dividends on Thursday next week. The bank has proposed to pay one shilling per share in dividends after posting Sh. 14.3 billion in 2019 full-year net profit. This profit growth represented a 12.6 per cent increase on the Sh.12.7 billion after tax profit the bank posted in the previous year.
“In line with Capital Markets Authority guidelines, the bank is progressing to make the dividend payment for ratification at the next Annual General Meeting,” Co-op Bank company secretary Samuel Kibugi said in a statement.
Of the sum total, Sh. 3.79 billion will be awarded to Co-op Holdings Co-operative Society for its 64.5 per cent stake. Co-op Bank is Kenya’s fourth-largest bank. It holds assets worth Sh. 450 billion ($4.5 billion). The bank is set to acquire Jamii Bora Bank in an expansion strategy. Jamii Bora Bank (JBB) has an asset base of Sh. 12.5 billion ($125 million).
The dividend pay is set to offer the much-needed relief to shareholders at a time when financial wherewithal is proving elusive due to the rampaging coronavirus scourge. Co-op Bank Dividend 2020.